Andrew Bullard tells Jason T Hesse he
will be considering alternative financial products in his new role
as head of business at Cashflow UK
The economic turmoil of the last 18
months has led many lessors to consider branching out to
alternative financial products such as factoring and invoice
discounting (ID), in a bid to find new profitable income
streams.
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One lessor that has recently made the jump
from working in leasing to working in factoring is Andrew Bullard,
who left State Securities last summer after spending 12 years
developing the business, most latterly as sales director.
Bullard, who is now head of business at
factoring and ID specialist Cashflow UK, said that the factoring
market was an easy jump for him to make.
“I needed a new challenge, and this
complemented the majority of my skill-set,” he explained.
Bullard said that leasing and factoring/ID
went hand-in-hand, and that it would be an “obvious” move for asset
finance companies to enter the ID space, or vice-versa.
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By GlobalDataAlthough lessors such as State Securities,
Davenham and Close have “dabbled” a bit in the market, he said,
there are no big players that really offer both asset finance and
factoring/ID as a package.
“I have not seen as much movement as I would
have expected,” Bullard said. “It has been done in a limited way,
but I am surprised there haven’t been more players.”
He added he does not expect to see much
crossover for another couple of years, however.
“The market needs to recover, first of all –
lessors need to get some confidence back – and then you will see
some product expansion.”
For Cashflow UK, Bullard hopes to make the
business the top factoring and ID broker in the UK again, by
rebuilding the brand and developing new relationships.
“The business had a pretty high profile up to
three years ago, where there was a loss of focus. I am looking to
get us back to that number one spot again,” he said.
